Contractors to build more homes

Your clients will soon have more choice when it comes to residential property investing. That’s because contractors are planning to build more homes.

Read: Fortune tellers keen on construction

In fact, contractors took out $6.5 billion worth of building permits in September, up 1.7% from August, reports Statistics Canada. This is the seventh monthly advance since the beginning of the year.

And the September increase came from the residential sector, mainly in Alberta and Quebec. The total value of residential building permits rose 3.3% to $4.1 billion.

Read: Demand for alternatives grows

The news isn’t the same for commercial property investors, however. In the non-residential sector, the value of permits edged down 0.8% in September to $2.5 billion. This was the third decrease in four months.

Read: When non-residents own real estate

Declines in Alberta and Manitoba offset gains in the other eight provinces. Quebec registered the largest increase, followed by British Columbia and Newfoundland and Labrador.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.